🌐Web3 Glossary

Last Updated: 21 November 2022 (Version 3.0)

Term	Definition
1:1 Art	A unique NFT art piece where each piece is one of a kind (1 of 1). Unlike 10K projects, PFP or Generative Art collections have a cap of NFTs released that can range from a few hundreds to 10K.
1/1 of X	Contrary to 1:1 Art, 1/1 of X means each NFT is unique, but part of a large and cohesive collection. E.g.: Fidenzas by Tyler Hobbs or CryptoPunks (each Punk is 1/1 of 10,000).
10k Project	An NFT collection of approximately 10,000 avatars, which was arguably pioneered by the famous CryptoPunks collection. The term is also commonly used to refer to similar avatar projects instead of the actual number of NFTs in the collection.
51% Attack	Typically, when miners or node validators control 51% of the total computational power on the blockchain. If 51% is attained those miners/validators control the blockchain.
[A]
AB	ArtBlocks, currently the most important platform for generative art.
Absolute Advantage	A concept in economics in which one entity has a complete advantage in producing or having the ability to provide a type of good or service.
Ad Hoc	Means "as the occasion requires” or made for a specific reason.
Address	String of numerals and/or characters that signify a specific one-time link to a specific wallet that can receive digital assets.
Airdrop	New NFTs / cryptocurrencies / tokens / coins that are automatically and directly sent to crypto wallets for free. This is a common practice in the crypto space to attract and reward early project adopters. Projects airdrops to existing holders to build a stronger community and add more value and utility to the existing NFTs. Can be used as a marketing campaign or as scam by airdropping fake tokens to empty someone’s wallet.
Algorithm	A process or set of rules to be followed in calculations or other problem-solving operations, especially by a computer.
All or None Order (AON)	An order that must be sold as a whole or none at all. They remain active until executed.
All-Time High (ATH)	All-Time High is when a NFT project or token reaches the highest price to date.
Allocation	An allotment of tokens or equity, that may be earned, purchased, or set aside for a certain investor, team, group, organization, or other related entity.
Alpha	‍When someone shares not publicly available info about an NFT project with someone else and it leads to a higher return on investment in a short period. The first or very primitive release of a project. Or Investment term to track how a certain investment outdoes the market. E.g.: Alpha of 1.0 = 1% improvement or Alpha of 20.0 = 20% improvement.
Altcoin	Any other crypto that is not Bitcoin.
AMA	Ask Me Anything. NFT creators or artists do sessions where anyone can ask questions about the NFT project, team, vision, etc. Usually hosted on Discord, but also on Reddit or even YouTube.
Angel Investor	Also, Business Angel, an individual who offer new startups funding in exchange for royalties or equity within the company.
Anti-Money Laundering (AML)	Regulatory procedures that are meant to protect both consumer and businesses alike. There are three stages: placement, layering and integration stage.
Ape-ing (into something)	Someone can be aping, ape in or aped on an NFT meaning someone is taking a large position relative to its own portfolio size. Some argue that when someone apes can mean that they're following the hype, out of FOMO or in an irresponsible manner without due diligence.
Application Programming Interface (API)	A list of definitions for including and integrating application software. Basically, lets products and/or services communicate with other products and/or services.
Application-Specific Integrated Circuit (ASIC)	A machine or application that is made for one purpose only, e.g., ASIC Miners (BTC ETH LTC).
Arbitrage	Taking advantage of prices in different exchanges. An asset is immediately sold and bought to exploit a price difference for a return in profit.
ASIC-Resistant	ASIC-resistant is a property of some types of cryptocurrencies that makes ASICs negligible in terms of mining.
Ask Price	The lowest price a seller will accept for a certain item or service.
Asset	Another way to refer to a digital collectible or token.
Asynchronous	Events that happen together or not at all. Requiring a form of computer control timing protocol in which a specific operation begins upon receipt of an indication.
Atomic Swap	Technology in smart contracts that allows the exchange of one type of cryptocurrency on one blockchain with another crypto on a completely different blockchain.
Attack Surface	Vulnerability points software where information and data can be extracted.
Auction	A public sale in which goods or property are sold to the highest bidder.
Avatar project	Basically, the same as a 10k project. Refers to a collection that consists of a few thousand NFT ‘avatars’ such as CryptoPunks, Bored Ape Yacht Club and Cool Cats. An NFT collection that people can use as their profile picture (see PFP) in social media to show they are part of an NFT community like CryptoPunks.
Axie Infinity	ETH blockchain-based game where players battle and trade Axies (digital pets). The main ERC-20 tokens used are Axie Infinity Shards (AXS) and Smooth Love Potions (formerly Small Love Potion) (SLP).
Axie Infinity Shards	AXS is an ETH token that powers the Axie Infinity game.
[B]
Bags	The number of tokens or currency one is holding in a portfolio. Often referring to low performing assets that are left over.
Bag Holder	Someone who holds its position in a crypto or keeps an NFT until it's worthless.
Bored Ape Yacht Club (BAYC)	A very successful PFP 1/1 of 10,000 individual ape characters collection. People use BAYC as a Twitter profile picture to brag about being part of this NFT community.
Bear Market	A downwards trend in a market over an amount of time. Usually describes a downwards trend of 20%. Also, when the Crypto or NFT market is going down in value.
Bearish	When you believe that a market or asset is heading towards a downward trajectory. Borrowed finance slang meaning someone is doubtful about the current market, and that it will crash.
Benchmark	A point of reference in which things can be assessed and evaluated. Should be compared to an official standard.
BEP-20	Token standard on Binance Smart Chain that meets the ERC-20 standard. This defines how a token can be spent, who can spend it and the layer of rules for transactions. This standard is like Binance’s BEP-2 And Ethereum’s ERC-20 standard. BEP-20 Is compatible with both chains.
BEP-721	Previous token standard for enter.art. It allows for the creation of Non-Fungible Tokens. This is also an extension of Ethereum’s ERC-721 standard.
BEP-1155	Combines the advantages of BEP-20 and BEP-721 into a single contract. Multi mint standard that is an answer to the ERC-1155. Can be deployed on ecosystems that use both Fungible and Non-Fungible Tokens.
Beta (Release)	A release of software that is in its early stages, usually intended to be released to a subset of users to debug, test, and get feedback. Beta releases come after Alpha releases, that are typically for internal testing.
Bid Price	The highest price that a buyer or dealer would like to spend on an asset.
Bid-Ask Spread	The difference between the bid price from the buyer and the ask price from the seller that appears on an order book.
Bitcoin (BTC)	The original cryptocurrency as outlined in a whitepaper by the mysterious and anonymous creator(s) Satoshi Nakamoto. This legacy crypto was the first cryptocurrency that facilitated peer-to-peer transactions. The most well-known cryptocurrency.
Bitcoin Dominance	The percentage of how much Bitcoin capitalizes in the entire cryptocurrency market.
Bitcoin Maximalist	Believer that Bitcoin is the only cryptocurrency needed. All other cryptocurrencies are altcoins or shitcoins.
Bitcoin Pizza	The first known transaction where Bitcoin was exchanged for physical goods. Laszlo Hanyecz paid 10,000 BTC for two pizzas.
Block	Records some or all the most recent blockchain transactions that have not yet entered any prior blocks. A block is like a page of a ledger or record book.
Block Explorer	An online blockchain webpage that enables users to search transactions and wallets across the network.
Block Header	Used to identify a particular block located on a blockchain. This is the information hashed to create “Proof of Work” for mining rewards.
Block Height	The number that differentiates the current block from the genesis block or block 0.
Block Reward	The amount of cryptocurrency that is awarded by the blockchain for every mined and validated transaction/block.
Blockchain	Distributed, decentralised, immutable database that is the basis of trust in Web 3.0 technology. This digitized ledger registers and records transaction information about a cryptocurrency (e.g., Bitcoin or Ethereum) in a chronological order and users can verify ownership.
Blue Chip	Strong, well-recognized and known projects or tokens with the most stability. An example of a blue chip NFT project is CryptoPunks by Larva Labs. This is one of the most relevant and earliest NFT projects with prices ranging from 80 to 159 ETH.
Blue Chip NFT	When an NFT project has a long track record of success and its value is sustained over time, therefore considered a solid investment.
BNB	Launched by Binance after an initial coin offering (ICO) that ended in July 2017. Used for receiving exchange trading fee discounts among other utilities.
Bollinger Bands	A technical indicator that, when plotted, gives a good representation of whether the market is overbought or oversold. Made from a moving average and a band above and below the moving average.
Bot	An automated software or script built to perform specific actions. Bots are commonly used to automate trade executions, initiate identity verification, snipe cheap NFTs once they’re listed, etc.
Bounty	A reward posted by a group or individual to incentivize certain work, behaviour (such as referrals), or development.
Break-Even Point (BEP)	The point where the total cost and revenue are equal.
Breakout	The point when an asset makes an unpredicted move out of a certain range or pattern, usually breaking a resistance or support.
Bridge	A connection that allows the transfer of tokens and/or arbitrary data from one chain to another for a f
BSC	Short for “Binance Smart Chain”.
BTD	Buy The Dip. A bear market can be an opportunity for crypto investors to buy a crypto or NFT at a lower price.
Bull Market	An upwards trend in the crypto and NFT market over a certain period of time.
Bullish	The exact opposite of bearish. This term is used when traders, investors and community members expect an appreciation of a token or asset’s value in the near future. Borrowed finance slang meaning someone is optimistic that a market will increase in value aka moon.
Burn / Burning	Refers to the complete destruction of an NFT to get rid of it. You can “burn” an NFT by sending it to the NFT contract address so that it’ll be destroyed and no longer be transferrable. It’s a common crypto strategy to destroy or delete tokens from the circulation supply intentionally and permanently to limit supply and increase the value.
Buy Wall	Multiple large or a single massive order set at the same price in an order book in a market.
Buying on secondary	Whenever you don’t mint an NFT directly from the project, you can always buy it in secondary NFT marketplaces like OpenSea or Focus Market. Most NFT sales are secondary market sales.
[C]
Candlestick	A representation in a graph that shows the high, low, open, and closing prices in a certain period of time.
Capitulation	To surrender or give up. Usually means when a large group of investors sell all or most of their holdings in a single asset.
Cappin or Capping	Slang for lying or faking. Opposed to no cap which means “no lie”.
Censorship-resistance	The property of a cryptocurrency network that prevents any entity from altering transactions on it.
Central Bank	A national entity that provides banking and financial structure for its country’s commercial banking sector as well as facilitating the government's monetary policy and issuing fiat currency.
Central Processing Unit (CPU)	The brain of a computer. It is responsible for the basic operations of the system. Interacts with the memory, peripherals and manages the system's components.
Cipher	To encode, a secret way of writing, a code.
Circulating Supply	The number of tokens that are available for trade in an ecosystem.
Cloud	The ability to store, access, and deliver services through the internet. Most common resources include data storage, servers, networking, and software.
Coin	A virtual currency that represents an asset or use and is stored on the blockchain.
Coinbase	Nasdaq listed US cryptocurrency exchange. Coinbase Wallet is one of Coinbase’s products where users can use a Chrome extension or app hot wallet to store crypto and NFTs.
Cold Wallet	Otherwise called hardware wallet or cold storage. It’s a physical device to store your cryptocurrencies and/or NFTs offline. They are not connected to the Internet so are at less risk of being compromised.
Collateral	An asset of value used as a security to secure a loan. If the loan is not paid back the asset of value is then forfeited by default.
Collection	A set of NFTs under a common theme as part of a NFT drop or an auction sale in marketplaces like OpenSea, Rarible or Focus Market.
Collectible	A collectible is an NFT that is a part of a wider NFT collection, usually part of a 10k project, PFP project or NFT Game. Something that’s deemed to have value or rarity, such as limited edition LEGOs or sneakers.
Collector	Someone who buys NFTs to build an NFT collection, be part of a NFT community or for speculative purposes to make a profit.
Colocation	A datacentre in which other businesses can rent space for servers and/or other computer hardware.
Commodity Futures Trading Commission (CFTC)	U.S. governmental entity that regulates derivatives markets, including futures, options, and swaps.
Community Designated Sellers (CDS)	People who set up wallet addresses with specific purposes and fees for others looking to sell their assets.
Confirmation Time	The amount of time it takes for validators to record a confirmed block from the time it is submitted to the network.
Consensus Mechanism	Method of authenticating and validating a transaction on a blockchain without the need to trust or rely on a central authority. Examples of consensus mechanisms are Proof of Work (PoW) or Proof of Stake (PoS).
Confluence	When two or more factors are used to predict a future event.
Consumer Price Index (CPI)	Used to track the difference in price of goods or services over a period of time.
Cope	The opposite of FOMO. When someone doesn’t buy an NFT because one is still dealing with a previous mistake of not FOMOing at a fraction of the price. So, choosing to stay out.
Creator	An NFT creator is a person that creates the asset for the NFT idea, vision and in many cases the art (e.g., a jpeg, audio file, video file).
Credentials	Any data that should be used to log into a system. i.e., usernames and passwords.
Cryptocurrency (Crypto)	Type of digital currency that uses cryptography to secure financial transactions and control the origination of new coins. These digital currencies for online transaction use blockchain technology, a decentralized system that holds the records and registration. Decentralized means it is not controlled by a single person or a government. These native coins of a blockchain (or protocol coin) are secured by cryptography to be exchanged within a peer-to-peer economic system. (E.g.: Bitcoin (BTC) for the Bitcoin blockchain, Ether (ETH) for the Ethereum blockchain, etc.)
Crypto Bags	Refers to how much cryptocurrencies someone holds, as in their bag of coins.
Crypto community	The community of a specific crypto or NFT project. NFT communities use Twitter and Discord as their primary social media to hang out.
Crypto exchange	Where someone can buy, sell, or trade cryptocurrencies and tokens.
Cryptography	The foundation of blockchain technology. The study of being able to securely transmit communication or data where only the sender and recipient can view its contents. The use of mathematical theory and computer science to encrypt or decrypt information.
CryptoKitties	One of the first and most popular NFT based blockchain games. In 2017, the NFT project almost broke the Ethereum blockchain and increased the gas prices dramatically.
CryptoPunk	Currently one of the most valuable blue chip NFT projects. It was created by Larva Labs. CryptoPunk holders flex their NFT as their profile picture on Twitter.
Crypto Twitter (CT)	Crypto Twitter is the crypto community on Twitter. A subculture of developers, tech founders, economists, influencers, and speculators that frequently tweet about cryptocurrency, blockchain, decentralization and crypto scams.
Custody	The ownership of an asset or funds. Can also be used when a business/entity holds on to an asset.
Cypherpunks	Movement in the 1980s, advocating for the use of strong cryptography and privacy-enhancing technologies as a route to social and political change. The movement contributed and shaped blockchain tech as we know today.
[D]
Daemon	A process that runs in the background that will execute when a specific operation is required.
Dollar Cost Averaging (DCA)	An investment strategy to reduce the impact of crypto market volatility. E.g.: buying into a crypto asset on a regular monthly basis rather than a big one-time purchase.
Decentralization	‍The transfer of control from a single entity to a distributed network.
Decentralized Application (dApp)	A software program, mobile or web-based (front-end), that uses blockchain and smart contracts (back-end) to maintain decentralization. Most often stored on cloud platforms and can operate on many systems at the same time. Apps, or crypto projects, that are built to run on decentralized networks such as Ethereum, BSC and Solana.
Decentralized Autonomous Cooperative (DAC)	An organization that is controlled by shareholders rather than a central authority.
Decentralized Autonomous Organization (DAO)	A Decentralized Autonomous Organization (DAO) is a member-owned community without centralized leadership, which means that it’s not governed by one single person or entity; it's transparent and encoded on the blockchain. The rules and governance are hard coded in smart contracts on the blockchain, and changes can only be made through voting by the members of the DAO. When a NFT project is structured like a DAO, it grants all the NFT holders voting rights, control over future actions and the NFT’s project direction and vision. Many NFT projects are also organized as DAO to be a community-driven project.
Decentralized Exchange (DEX)	A Decentralized Exchange (DEX) allows for peer-to-peer (P2P) trustless transactions that don’t rely on a centralized authority or third-party institution controlling the funds or transaction. E.g: Uniswap, PancakeSwap, dYdX, Curve Finance, SushiSwap, 1inch, etc. A marketplace for cryptocurrencies, a platform where you can buy and sell cryptocurrency, trade one crypto for another and even purchase with credit cards.
Decentralized Finance (DeFi)	A financial system that operates without the need of traditional banking or financial institutions. Blockchain alternative for traditional finance, where intermediaries like banks or brokerages are replaced by smart contracts to offer financial services like trading, lending, earning interest, insure, etc.
Decryption	The act of converting encrypted data into its original form.
Deep Web	The part of the World Wide Web that is not able to be discovered by conventional search engines.
Degen	Short for degenerate, a gambler who buys into unaudited or unknown NFT or DeFi projects, without proper research hoping to chase high profits.
Delist	The take down of an asset off an exchange or official register. Can be voluntary or involuntary. Cancelling the listing of an NFT for sale from an open market. No longer offer an NFT for sale on a secondary market. NFT Marketplaces can delist an NFT that infringes their rules. NFT owners can choose to delist their NFTs due to price surges to avoid their NFT being bought or sold for a higher price. This can mean many things: - Someone can take down their token because they believe in the project in the long term - They don't want to sell it now - They'll wait until the price goes up to list again and get higher earnings.
Derivative	The creation of an NFT derivative from the original art, like an art reproduction by another artist. These projects derived from the original reinforces the value and importance of the original NFT. E.g.: "alternative" punks.
Design Flaw Attack	An attack in which a bad faith actor purposely creates malicious contracts, decentralized markets, and other software with knowledge of flaws and inconsistencies to trick users into making transactions in the environment with little to no permissions.
Diamond hands	People who decide not to sell and holds a cryptocurrency or NFT regardless of the crypto or NFT fluctuations and even under pressure or high volatility of the market.
Difficulty	For crypto, unit of measurement of time and efficiency in mining blocks on a blockchain.
Difficulty Bomb	The increasing level of difficulty in crypto mining that also results in a substantial increase in time to mine a block on a blockchain.
Discord	A group-chatting platform originally built for gamers but has since evolved into a platform for all kinds of communities and heavily used by crypto and NFT communities for knowledge sharing, shilling and especially NFT projects.
Divergence	When market price and graph indicators are heading in separate and opposite directions. Basically, a disagreement in price between price and signals.
Diversification	The ability to move funds and assets to different markets that do not impact one another, thus creating opportunities that are independent of one another.
Devs	Short for “developers.” A set of skilled professionals who can build NFT projects using smart contracts and blockchain technology.
Distributed Ledger Technology (DLT)	Distributed Ledger Technology (DLT) is a protocol that allows the secure functioning of a decentralised database, through cryptography. This technological infrastructure scraps the need for a central authority to keep in check manipulation or exploitation of the network.
Dog coin	It’s a memecoin based on the Japanese dog breed, Shiba Inu, first popularised by Dogecoin. Other notable coins are Shiba Inu or Floki Inu. These dog coins are frequently subjected to pump and dumps and are extremely volatile. The original dog coin DOGE was created as a joke in 2013. Elon Musk it’s one of Dogecoin's most famous supporters.
Do Your Own Research (DYOR)	Read this. Read it again. One more time. This is the biggest fundamental in all types of investing that is to be knowledgeable about the space you want to occupy.
Dollar Cost Averaging (DCA)	Making multiple transactions of equal amounts over a period of time, regardless of price.
Double Spending	A potential flaw in cryptocurrency in which a number of tokens can be spent multiple times. The most important thing to watch out for during a 51% attack.
Doxxed / Doxed	When the identity of an NFT team member, dev or creator is public, known, or verifiable. In the NFT market, when a NFT team is doxed it’s usually sign of confidence and transparency for NFT collectors to ensure they won’t be scammed by an anonymous creator.
Drop	An event where users receive free tokens/NFTs for holding onto certain types of assets. Common way of saying a new digital collectible is out or will soon be available. The release of an NFT (single or collection) into the NFT market.
Dutch auction	A bidding technique that considers all bids received on a given asset before arriving at a ceiling price, which gradually drops at specific time intervals.
Do Your Own Research (DYOR)	Investing or selling your NFTs is not the get-rich-quick kind of environment, and there's a lot of misinformation around the topic. It's essential to do your research, read, ask, and do whatever you need before aping in, to avoid scams. This is a common expression used in the crypto or NFT community to disclaim responsibility for the financial/strategy advice someone is providing the community and to avoid being called out by others in the NFT or crypto community.
[E]
Eclipse Attack	A cyber-attack in which a bad faith actor will make sure that his target's connections are surrounded and made on an attacker-controlled node. Meant to isolate the target and manipulate what information they receive.
Efficient Market Hypothesis (EMH)	A financial theory that suggests that all known information about investments is already factored into those securities. If that holds true, no market analysis can give an individual an edge.
Encryption	Taking plain text and scrambling it into an unreadable format. This is the basis of blockchain.
ENS (.eth)	Stands for Ethereum Name Service, a service that sells .eth domains. These domains shorten your long Ethereum wallet, making it easier for others to identify and send ETH/NFTs to identify your wallet.
EIP-1559 EIP	Referring to Ethereum Improvement Proposal (EIP) 1559, commonly known as the London Fork. It’s an upgrade to the Ethereum protocol code to improve the blockchain security and scalability. The major change consists in shifting from a proof-of-work consensus mechanism (PoW) to a low energy and lower gas fees proof-of-stake system (PoS).
ERC standards	‍Think of ERC as a set of rules and guidelines that tokens in the Ethereum blockchain must follow.
ERC-20	Ethereum Request for Comment (ERC) - 20 is a standard defining a fungible token like a cryptocurrency. It sets the token standard for creating and making smart contracts.
ERC-721	Ethereum Request for Comment (ERC) - 721 is a token standard defining a non-fungible token (NFT). It differs from ERC-20, for example, which is used to mint fungible tokens.
ERC-1155	Ethereum Request for Comment (ERC) – 1155 is a multi-token standard that can represent any number of fungible (ERC-20) and non-fungible tokens (ERC-721). Deemed "The Next Generation” of the multi-token standard. Uses a single contract to make various types of NFTs and gives the ability to multi mint
Ethereum (ETH)	Ethereum or ETH, is the name of one of the most popular cryptocurrencies that supports dApps, smart contracts and is typically used in NFT transactions. Ethereum is a network protocol that allows users to create and run smart contracts over a decentralised, a blockchain platform.
ETH2.0	Also, known as the London Fork or EIP-1559 EIP. It’s an upgrade to the Ethereum network to improve the network’s security and scalability. The most dramatic change is the shift from the proof-of-work consensus mechanism (PoW) to proof-of-stake system (PoS).
Etherscan	A block explorer and analytics platform for Ethereum. Use it to verify balances, transactions, check the value of your digital collectibles and more.
Exchange (DEX)	A Decentralized Exchange (DEX) allows for peer-to-peer (P2P) trustless transactions that don’t rely on a centralized authority or third-party institution controlling the funds or transaction. E.g: Uniswap, PancakeSwap, dYdX, Curve Finance, SushiSwap, 1inch, etc. A marketplace for cryptocurrencies, a platform where you can buy and sell cryptocurrency, trade one crypto for another and even purchase with credit cards.
[F]
Fakeout	When a trader enters a position with anticipation of a future signal or price movement, but the signal or movement doesn’t develop and moves in the opposite direction intended.
Falling Knife	A caution signals. This is a sharp drop but no duration or magnitude. Investors are recommended to wait for the security at its lowest point before investing again.
Farm	A commonly used term in gaming where players earn in-game assets in exchange for their time and effort.
First Come First Served (FCFS)	Commonly used strategy in a NFT collection drop when the demand surpasses the supply.
Fear Of Missing Out (FOMO)	The feeling of missing out on an opportunity after a substantial rise in price.
Few	Short for "few understand". Like the irony behind the "probably nothing" expression. Like X person bought into a popular NFT, because it understands its long-term value.
Fiat	Fiat money is the traditional money as we know it. A currency that has been disseminated from a central authority. National government-issued currencies like the US Dollar (USD), Euro (EUR) or Great Britain's Pound (GBP) that are not backed or pegged to the price of a commodity like silver or gold.
Fill Or Kill Order (FOK)	A buy or sell order which must be executed immediately in its entirety or else it will be cancelled.
First-Mover Advantage (FMA)	The advantage of being first in a market or space. Being first typically allows that company or entity to bring about brand recognition and customer loyalty before it has a chance to be split among other companies.
Fiscal Policy	Policy on how monetary matters is realized and managed within an ecosystem.
Flex	Slang for showing off. In the crypto community, it’s a Lamborghini or a gold Rolex. In the NFT world, it’s a CryptoPunk or BAYC PFP on Twitter.
Flip	Quickly buying and selling crypto or NFTs to make a profit.
Flippening	The point when one legacy currency overtakes another in market value. For example, when/if Ethereum overtakes Bitcoin in overall market capitalization. When you flip something, be it an NFT or token, you buy and sell it quickly to make a quick profit.
Floor or Floor Price	The ‘floor’ or ‘floor price’ of a project is the lowest price you can buy an NFT from the collection or subset of a collection on the secondary market.
Focus Market (FM)	Focus Market is a community-focused NFT-based photography platform that powers its own economy and empowers, incentivizes, and enriches all stakeholders involved. The community includes creators (photo artists), the collectors (buyers), firms, brands, and holders of Focus Tokens (FOTOs). The ecosystem allows all community members to socialize, network, create value, empower, and educate each other within the photography space. With NFTs, you can create, share, and transfer value quickly, efficiently and with full publicly audited proof of ownership. This makes this technology ideal for photographic assets. Focus Market was built with blockchain and NFT technology being at the core of the ecosystem.
Focus Token (FOTO)	Focus Market’s token. The initial/maximum supply of tokens is 100M FOTOs.
FOMO-in	Buying a crypto or NFT regardless of if it's at the top of the market for FOMO.
Forced Liquidation	When assets are sold without permission to create cash flow because of an uncontrollable or unforeseen event.
Forex (Foreign Exchange Markets)	As currencies rate of trade are always “floating”. This is an exchange of one currency into another for a specific rate.
Formal Verification	Use of mathematical analysis to affirm or deny the correctness of algorithms in an underlying system with certain formal variables or properties using recognized methods of mathematics.
Foundation	An exclusive, by invitation only, NFT marketplace that specializes in NFT art.
Fractionalise	Turning one NFT like a CryptoPunk into X number of fractions ERC-20 tokens that prove ownership of that Punk. This allows for: 1.collective ownership of an NFT 2.making an expensive NFT affordable for the common NFT collector, and 3.adds more liquidity to a very illiquid NFT market.
Fractional ownership	Partial ownership rights over an NFT. Sellers can sell percentages of a work and buyers can buy a portion based on what they can afford.
Fren	‍Means Friend and what people in the NFT community call each other in an endearing and positive way. It's just slang, but you'll see NFT degens using it a lot!
FUD	‘FUD’ stands for Fear, Uncertainty, and Doubt. This term is used in the crypto space to describe negative and inaccurate information regarding a project or token. It can be: 1.when someone spreads negative and sometimes false news to discredit a certain crypto or NFT project, or 2.the overall negative feeling regarding the future of the NFT/Crypto project or market, especially when going through a bear market.
Fudder	Someone who has FUD or engages in FUD about a NFT project.
Fudding your own bags	When an NFT collector or crypto investor speaks negatively about an NFT or crypto project he/she has invested in or has a stake in. Usually, negative comments about the team or vision.
Fundamental Analysis (FA)	A way of measuring a “fair market” value in an asset or security.
Fungible Tokens (FT)	Interchangeable and tradable tokens, such as ETH and BTC.
Fungible / Fungibility	Replaceability. The ability of a good or asset to be traded with other individual goods or assets of the same type. On the contrary, something that is non-fungible, like a piece of art, is one-of-a-kind. On Ethereum, fungible tokens are defined by the ERC-20 standard.
Futures Contract	A contract that is an agreement to buy an asset or good at a specific time and date for a fixed price.
[G]
G	Means Gangster. A term of endearment used amongst the NFT Community.
GameFi	Refers to decentralized applications (dApps) with economic incentives, which generally involve rewarding tokens or NFTs when players perform game-related tasks such as winning battles, mining in-game resources or cultivating digital crops. This approach is also known as play-to-earn (P2E).
Gas	Gas is the amount (in native cryptocurrency) required by the network for a user to perform cryptocurrency transactions on the blockchain. For example, you’ll need to pay gas in ETH when you interact with the Ethereum network. The fee that is incurred for a user sending a virtual currency. Depending on blockchain type, gas and fee can be extremely different. Gas was introduced by the Ethereum blockchain. Increasing that gas limit will front run your transaction.
Gas fee	The fee charged to complete a transaction in a blockchain. You must pay this fee for the computational effort performed by Ethereum miners (computers running software). The gas fee is determined by supply and demand. It depends on how many people are trying to make a transaction, and how much are they willing to pay to complete it. When lots of people are using Ethereum, you can pay miners more to do your work first. Gas price is like a bribe used to jump to the front of the line.
Gas Limit	The maximum fee a user will pay to initiate a transfer of virtual currency.
Gas prices	These gas prices vary tremendously between the blockchains, the consensus mechanism used to validate transactions, or the number of transactions being made at a specific time.
Gas war	When a lot of NFT collectors (or bots) are trying to mint an NFT at once and therefore resulting in gas price surge. When the gas fee goes higher and higher, there's your gas war. Gas wars occur when many people try to make a transaction quickly at the same time, and the gas fee increases ridiculously. A gas war occurs during an NFT collection launch where there are more buyers (e.g., 100,000) than the amount of NFTs (e.g., 10,000) available for sale. In these situations, you’ll need to increase your gas fee to outbid the others’, in hopes that your transaction would go through faster than theirs to secure your purchase.
General Public License	Free license that is used with software. Allows all users to make changes and share all versions. Generally used for open-source users developing software.
Generative art	Artwork that is algorithmically (autonomous system) created (be it in whole or partially) by code with unique traits and rarity. The process in which the artist designs a system or set of rules and then creates new aesthetics and possibilities with the help of an algorithm. All major collections like Bored Ape Yacht Club, Cool Cats, Pudgy Penguins, that were created in recent years are generative art.
Genesis block	The very first block in a blockchain. Denoted as 0 or null.
Genesis drop	It refers to the first NFT drop a creator makes on an NFT auction platform.
GG	Interjection for Good Game.
GM	"GM," and NFT market terms that means good morning.
‍GMI/WAGMI or NGMI	Acronym for Going to Make It or We Are Going to Make It. Opposite of NGMI (Not Going to Make It). It is mostly used when people are trying to be optimistic. For example, during a sell, or a new collection drop.
GOAT	Acronym for Greatest Of All Time.
Golden Cross	A pattern that develops in which an up trending short-term moving average crosses the long-term moving average. This is a bullish signal. Long term signals generally carry more weight; however, a cross indicates a bull market is close.
Governance tokens	Cryptocurrencies that represent the main utility token of DeFi protocols and blockchain projects. Holders of governance tokens are also granted voting power to determine the direction and future of the project.
GPU	Short for Graphics Processing Unit. GPU is the processor that’s needed to mine certain types of cryptocurrencies, such as Ethereum.
GTD	Acronym for Going To Dust. When a token or NFT project turns out to be a bad investment.
GWEI	Gwei is a denomination of the cryptocurrency Ether (ETH). Also called nanoether, Gwei denotes the ninth power of the fractional ETH (i.e., 0.000000001 ETH). In simpler terms, Gwei is the gas price required to successfully conduct a transaction or execute a contract on the blockchain.
[H]
Halving	The point where the rewards are cut in half in a proof of work blockchain.
Hard Cap	The ceiling of funds that a project, IPO, or ICO want to collect during a fundraising event.
Hash	An essential function of crypto currency. Hash outputs are always the same length regardless of input. This is the conversion of input to output.
Hash Rate	The rate in which computational power is measured. A measure of the speed at which your GPU can mine crypto tokens. Usually referenced in “per second”. Basically, the measurement of calculations by miners/validators that can be realized.
Hashed TimeLock Contract (HTLC)	Type of smart contract to eliminate risk by ensuring the facilitation of time constrained transactio
Hashmasks	Hashmasks are digital paintings made by a globally distributed team of 70 artists managed by Suum Cuique Labs that offer consumers control over the art. According to the Hashmasks Manifesto, “Each holder has the ability to contribute to the completion of the art piece by giving a name of their preference to the Hashmasks they hold via the Name Change Token (NCT)”.
HEN (Hic Et Nunc)	A popular NFT art marketplace for art built on the Tezos blockchain. Big NFT marketplace for inexpensive NFTs, but not a very user-friendly UI/website.
High-Frequency Trading (HFT)	The use of high-powered main frames to conduct trading at a faster rate than is generally recognized. Systems that can do many transactions per second.
HODL	Misspelling of HOLD coined in an old Reddit post. Synonym with “Hold On for Dear Life” meaning hold your coin or NFT until the end, whether that they’ll moon or dust. Other than DYOR, this is the most important acronym in the crypto space.
Holders	‍Owners-people who own an NFT.
Hot wallet	Wallets connected to the Internet, less secure than cold wallet because they’re more susceptible to hacks.
Hype	Term used to show excitement or anticipation about an upcoming crypto project or NFT.
[I]
IDK / IDEK	Acronyms for I Don’t Know and I Don’t Even Know.
Immutability	Unchanging. The basis of blockchain and keeping a ledger. Data in a blockchain cannot be changed as the block before reinforces the transactions after.
Index	A system that keeps track of assets or a conglomeration of assets.
Initial Coin Offering (ICO)	It is an unregulated funding method, where the development team for a new cryptocurrency venture sells digital assets to early adopters. It’s the crypto equivalent to a stocks’ IPO (Initial Public Offering) but with far less scrutiny or regulation (leading to a lot of scams). ICO’s are a popular way for crypto projects to raise funds and gain traction.
Initial DEX Offering (IDO)	It means to launch NFTs or tokens via a decentralized liquidity exchange. It’s a common fundraising method used by upcoming crypto or NFT projects. Many consider IDOs a far better fundraising alternative to ICOs.
Initial Gaming Offer (IGO)	Like an ICO, IGO participants get early access to the in-game assets (typically NFTs) while supporting the game’s early development.
Interoperability	“Cross-chain capability”. The function of users being able to send data and information across decentralized systems without any third party.
IRL	Acronym for In Real Life. Refers to the physical world outside of the online/virtual world of crypto, NFTs, gaming or social media.
IPFS	Acronym for Interplanetary File System. A peer-to-peer file storage system using hashes to recall and preserve the integrity of the file, commonly used to store NFTs outside of the blockchain. How files can move across blockchain networks. Uses existing protocols and enhances the way we use and share media. This means of storing NFT data is considered superior to storing on an HTTP gateway URL, since the latter is tied to a specific provider. IPFS addresses allow users to find a piece of content if someone on the network is hosting it.
It’s Money Laundering	Someone can use this expression to suggest that NFT prices aren’t real, and that people are using NFTs to launder money, without providing much proof or explanation on how it works.
IYKYK	Stands for If You Know, You Know This. Similar to the expression "few", used when someone buys into a popular crypto or NFT project, slightly because of FOMO but also because it believes in its long-term value.
[J]
Jager	The smallest measurable unit of BNB. 1 Jager = 0.00000001 BNB.
JPEG/JPG	File format typically used to encode NFT art. Some people also use Jpeg to mock people buying NFTs as in “All that money for a jpeg”.
[K]
Know Your Customer (KYC)	The function of verifying one's identity. It is a common process in which companies verify their users’ identities by requesting a series of personal information (e.g., passport/government-issued ID, selfie, contact number and residential address) to comply with KYC and AML regulations needed by all financial institutions.
[L]
Larva Labs/ LL	NFT Creators behind the popular NFT projects like CryptoPunks, Meebits or Autoglyphs.
Laser eyes	Bitcoin meme signalling support for BTC and/or it will break the $100k per coin valuation.
Layer 2	Layer 2s are scaling solutions that operate on top of an underlying blockchain protocol (e.g., Ethereum) to improve its scalability, efficiency and use case.
Ledger	A physical or virtual “book” or list of transactions that is tracked and recorded. For most blockchains the ledger is open and can be accessed by anyone.
Liquidity	Term that means that a token or NFT has a high-volume activity in the crypto/NFT market. It’s easily sold and resold. Liquidity is the ability of a coin to be easily converted into cash (fiat) or other coins. But usually, the NFT market it’s illiquid when compared to the general crypto market, due to the non-fungibility nature of an NFT (there are less buyers for every NFTs out there). How easily an asset can become another asset without affecting its price. If your NFT has high liquidity, then you'll likely find a b
Liquidity pool	Crowd-sourced pool of cryptocurrencies or tokens locked in a smart contract to facilitate trades between the assets on a decentralized exchange (DEX).
Looks Rare	Ironic expression commonly used in the NFT Community. Rarity is a driver of an NFT’s value.
London Hard Fork	Known as EIP-1559, was an Ethereum code upgrade proposal designed to improve the blockchain security and scalability. Its major change is to shift from PoW to PoS consensus mechanism.
Long run	Means someone is committed to the NFT market or an NFT project in the long term.
[M]
Mainnet	A completely interdependent system running its own ecosystem with its own technology and variables.
Margin Trading	Borrowing money from a broker to purchase an asset. This can be dangerous as you can wipe out your whole portfolio.
Market Capitalization	The total value of an asset in a market. In crypto, coin/token x the price = total value. The calculation of what a company is worth on the open market.
Market Order	An order in a market book for a sell or buy for the markets best price at the current time.
Maximalist	Typically refers to Bitcoin Maximalists. People who only believe that Bitcoin is the most secure and resilient blockchain. For Maximalists, all other cryptocurrencies are shitcoins therefore a waste of time, development, and money.
Maximum Supply	The initial supply of tokens that were created for a certain cryptocurrency.
Memecoin	Cryptocurrency like Dogecoin that is based on an internet joke or meme.
Merged Mining	The function of mining two or more cryptos at the same time without surrendering performance or profitability.
Metadata	The metadata of an NFT is the necessary and unique data that make up the NFT and defines how it looks. Typically, metadata information describes such variables as date created, file size, and keywords relating to a specific documen
Metamask (MM)	A popular free and widely used crypto hot wallet platform to store crypto and NFTs allowing users to store and swap crypto, interact with the Ethereum blockchain and other dApps. MM is the shorthand for MetaMask. Focus Market uses MetaMask wall
Metaverse	Term was coined by writer Neal Stephenson in the 1992 dystopian novel “Snow Crash”. It’s an immersive and digital place where people interact via their avatars. Big tech players like Meta (formerly Facebook) and other independent players have been designing their own version of a metaverse. NFTs can have utility for users like buying, trading, winning, accessing, experiencing, or interacting with things inside a metaverse.
Migration	Migration occurs when a token or NFT is transferred from one blockchain to another during a blockchain changeover.
Miner	Single person or company that mines one or more cryptocurrencies like Bitcoin or Ethereum. Both blockchains need computing power for their consensus mechanism. Miners provide the computing power and receive coins/tokens in return as payment.
Mining	Mining is the process by which new tokens enter in circulation. The competitive process of solving cryptographic problems to verify and add new transactions to the blockchain for a cryptocurrency that uses the proof-of-work (PoW) method. The first one to solve it gets to add the current block on the blockchain and receive newly minted tokens as a reward by ensuring the validity of a blockch
Mint / Minting	The creation process of an NFT. When an NFT has been created is now part of a smart contract in the blockchain. Minting an NFT is the act of publishing your unique instance to a specific blockchain like Ethereum blockchain. Once the NFT is minted, NFT collectors can: 1. direct mint, therefore, purchase the NFT by paying the specified amount directly into the project’s wallet, or 2. buy it via an intermediary like an NFT marketplace (e.g: OpenSea, Foundation, Rarible, Focus Market) 3. later, the NFT owner can choose to resell the NFT, most NFT creators set up a royalty for every time their NFT is resold.
Minting interval	How often an NFT creator can mint or create tokens.
Mint Pass	Mint passes allows NFT collectors the ability to claim an NFT during the public sale. The mint pass execution is made via “burning” meaning transferring an NFT to a specific crypto wallet, therefore the collector doesn’t have to worry with gas price surges.
Mods	Refers to the moderators of Twitter, Discord or Reddit channels. The role of moderators is to ensure a healthy, active, and informative community experience in these spaces.
Moon / Mooning	One of the most common financial market terms used in the crypto and NFT space, which refers to the exponential growth of an asset’s value. For example, if the price of a coin/NFT is experiencing a spike, we can say that the asset is ‘mooning’ or ‘going to the moon’.
Moon boys	Slang for crypto or NFT holders who are looking to pump the price dramatically - taking a token to the moon - for short term gains and with no real long-term vision or commitment.
Multisignature / Multisig	Short for “multi-signature wallet”. It is a wallet that requires more than one signature to a transaction before moving funds for added security. Multisig wallets are frequently used in DAOs.
[N]
NFA	‍Similar to DYOR, NFA stands for: Not financial advice.
Never trust, always verify	Treat everyone or every project like something potentially malicious.
New coiner	Crypto slang for someone new to the cryptocurrency space. Usually, newcomers can be more susceptible to FUD or scammers.
Node	A participant on the blockchain that validates transactions. This secures and ensures the integrity of the blockchain and ecosystem.
Non-custodial wallet	A non-custodial wallet that offers you sole control of your private keys. On the other hand, a custodial wallet gives another party (usually a web-based exchange) control of your private keys. Some of the most popular non-custodian wallets are MetaMask, Ledger Nano X, Trezor One.
Non-Fungible Token (NFT)	Proof of ownership that is minted on the blockchain. The most secure way of proving that you own a specific digital asset, media, or potentially a physical asset. It’s a unique, one-of-a-kind crypto asset (which can be anything from art to music) that’s stored on a blockchain. This type of token that can be created, bought, sold, resold and viewed in different dApps. The ERC-721 smart contract standard (Ethereum blockchain) is the most popular amongst NFTs.
NFT Marketplace / NFT Auction platform	Platforms where people can sell and buy NFTs, either via an auction or pay the seller’s price. The largest NFT marketplace is OpenSea. But there are other popular NFT marketplace like Foundation, SuperRare, Nifty Gateway, Rarible, Hic et Nunc (HeN), and Focus Market.
NFT Whale	A NFT collector or investor who buys a large amount of NFTs.
Nocoiner	It can be someone who simply doesn’t hold cryptocurrencies, mistrust the crypto market, or believes that crypto is either a scam or a Ponzi scheme.
Noob/N00b/ Newbie	Slang for someone new or not experienced in cryptocurrency or NFT market. These people are more susceptible to scams, drawn into pump and dumps or getting rekt on bad coins.
Normie/Normy	Similar expression for a nocoiner.
NSFW	Acronym for Not Suitable For Work. Referring to online content inappropriate for viewing in public or at work. It began as mostly a tag for sexual content, nudity, or violence, but it has evolved to range several other topics that might be delicate or trigger viewers.
Nuclear NFTs	An NFT or collectible with more than 1,000 owners. For the NFT to be sold or resold, every co-owner must give their permission beforehand. Otherwise, the NFT transaction can’t be made.
[O]
Off-chain	Transactions that occur on a cryptocurrency network that moves the absolute value outside of the blockchain.
Off-chain metadata	Metadata that is stored outside the blockchain.
On-chain metadata	Metadata that is directly incorporated in a smart contract.
On-chain vs Off-chain	An on-chain NFT is when the artwork (like a jpeg, video, or music file) is stored directly into the blockchain making it more secure and less susceptible to being stolen. However, most blockchains can only store small amounts of data. Off-chain NFTs means that the high-quality image, music, or video file is not stored in the blockchain, but the NFT data is stored on an external party like: 1. a centralized server, highly vulnerable to the server being shut down/exploited, 2. an InterPlanetary File System (IPFS), also an external party but more secure way of finding data because it utilizes a distributed, decentralized system.
OG	Acronym for Original Gangster and it popularized by 90s Hip Hop culture. It means the first, the original or the person who has been around since the very start and earned respect in the community. In NFT terms, CryptoPunks are the OG of NFTs.
Open editions	An NFT for which any number of editions may be minted, which is the opposite of a limited edition NFT (e.g., a collection with only 10,000 editions).
OpenSea (OS)	By far the largest NFT marketplace (on Ethereum) in the world, currently.
Open-Source Software (OSS)	Software or apps that are open to any user to modify and share. Meant to facilitate and be distributed to any user that wants access.
Oracle	An oracle is a code that provides smart contracts with external data by serving as a bridge between blockchains and information that resides on outside networks.
Order Book	A list of transactions of buys and sells for a given asset. Generally, electronically generated and ordered by price. Shows the number of shares that are being bid on.
[P]
Paper Hands	A crypto or NFT holder who is permeable to negative market sentiment or FUD and does not hold their crypto or NFT for long. Expression used to describe someone who sells as soon as NFTs enter a bear market. The opposite of ‘diamond hands’.
Paper Wallet	A way of storing private keys for cryptocurrency by writing it on paper. It allows you to keep your crypto in “cold storage”. It can be a handy security measure to keep your private key or seed phrases safe.
Peer-to-Peer (P2P)	Two or more participants that transfer data, information, or financial assets without a third party or intermediary. The basis of why cryptocurrency and blockchain was invented.
Pegged Currency	A cryptocurrency that is designed to remain the same value regardless of supply. Also referred to as a stablecoin. i.e., 1 USDT, BUSD = 1 USD.
PFP project	Shorthand for ‘Profile For Picture’, so a ‘PFP project’ is essentially the same as a 10k project or an avatar project. This term is coined because the avatars in these NFT collections are often used as social media profile pictures on Twitter, Discord, etc.
Phishing	A bad faith practice that generally uses emails to access information. These emails appear to be from reputable companies to trick the user into giving important information such as credit card numbers and password
Play to Earn (P2E)	Blockchain-based games that incentivize players with tradable tokens and in-game asset rewards.
POAP NFT	Stands for Proof of Attendance Protocol (POAP). These types of NFTs are awarded to attendees of events, regardless of if they’re physical or virtual, as proof you att
Polygon	A secondary scaling solution on the Ethereum blockchain that provides cheaper, faster, and more secure payment transactions.
Pre-mine	A term used in crypto to refer to the act of creating a set number of tokens before their public launch. It can also be known as a Genesis Sale and is usually associated with Initial Coin Offerings (ICOs) to compensate founders, developers, or early investors.
Pre-sales / NFT Pre-sales	An NFT pre-sale is to open the minting process for community members or early supporters of a NFT project before the official launch to the public, usually via a whitelist or a mint pass. This funding method often used by companies or project developers to raise capital through an initial sale (such as ICO, IDO and IGO) where investors and early adopters use ETH (or other altcoins) to purchase the new tokens/NFTs.
Price Action	The movement of price for an asset or good over a given period of time. Generally, the basis for all technical analysis of the stock and cryptocurrency markets.
Primary vs Secondary NFT Sales	In addition to the term “drop” you may also hear the terms “primary” and “secondary” when referring to NFT sales or markets. This is because NFTs are often bought and sold multiple times after their initial purchase.
Primary Sales	Primary sales happen the first time an NFT is sold. The first sale can be after the creator has minted (written the NFT to the blockchain) their work themselves, or it can be minted by the buyer at the time of purchase. NFT drops are almost always the primary sale of the collection. Sometimes, there are additional benefits for those who participate in the primary sale and are the first owner of the NFT. For example, an art collection might offer community membership to anyone who holds an NFT from the collection, but only the people who minted an NFT in the primary sale get a physical print of the artwork.
Private Key	One of the most important factors in blockchain and cryptocurrency. A private key is a variable in cryptography that is used with an algorithm to encrypt and decrypt data. In cryptocurrency, private keys are also used to sign transactions and prove ownership of a blockchain address. It’s like a password. It’s a secret number that allows users to access their cold or hot wallet funds, prove ownership of a certain address and sign transactions on the blockchain. It’s not advisable to share a private key with anyone as it makes a person vulnerable to thefts. In case someone loses or forgets its private key, it can use a recovery phrase to restore access to a crypto or NFT wallet. Similar to private keys, is cryptographic key that gives others viewing access to your wallet or NFTs. But unlike private keys, it doesn’t need to be kept secret.
Private Sale	An opening stage for investors to buy a certain asset for new projects. Can also be referred to as an ICO (Initial Coin Offering).
Probably nothing	It’s an ironic expression used by NFT enthusiasts to refer to an important or soon to be big news, project, or person in the NFT space. Meaning when someone says probably nothing it means that it is probably something.
Proof of Stake (PoS)	Stands for Proof of Stake. A consensus mechanism used by blockchains like Bitcoin or Ethereum to achieve agreement, trust and security in every transaction and keep the integrity of the blockchain intact. PoS mechanisms are considered more environmentally friendly than PoW as they’re lower energy and in emissions. One-way crypto projects use to verify transactions. In PoS, you’re rewarded with tokens as you hold on to them for a certain period. Like mining, this process requires computing power and electricity usage.
Proof of Work (PoW)	Stands for Proof of Work. A consensus mechanism used by blockchains like Bitcoin to achieve agreement, trust and security and keep the transactional integrity of the blockchain intact. PoW mechanism requires a lot of computational power, therefore uses more energy resources and higher CO2 emissions than the PoS mechanism. Another way of verifying transactions. For PoW, miners are required to solve hashing problems that verify and adds new transactions to the blockchain. This highly secure method makes it difficult for hackers to crack the network as they’d need over 51% of all computing power available worldwide.
Protocol Coin	Stands for the native coin of a blockchain. As in ETH for the Ethereum blockchain or BTC on the Bitcoin blockchain.
Pump and dump	A pump occurs when a person or a group of ‘whales’ buy or convince others to purchase large quantities of a crypto or an NFT to drive up the price to a peak. When the price peaks, these people sell their position high (quickly and all at once) for a hefty profit, therefore dumping the price. Slower investors or newbies who bought in at the peak price may find themselves at a loss.
[Q]
QR code	A machine-readable code consisting of an array of black and white squares. This is the most convenient way to send NFTs or Ethereum if you’re using a mobile wallet that supports the scanning of QR codes.
Quantum Computing	Study of how to perform calculations based on an object state before it is measured. Measured in qubits. Unlike bits where data is computed with 1’s or 0’s these integers can be super positional. More data can be realized and expressed compared to the computational system we use now.
[R]
Ransomware	Bad faith software in which the only intent is malicious. Access to the system is compromised and blocked until a monetary sum is paid.
Rarity	Rarity in NFT terms refers to how rare an NFT is. The rarity can be defined by the number of traits, scarcity, or properties of an NFT. One of the critical factors to determine the value of an NFT. Each NFT has unique and different properties or traits. Rarity helps rank how successful or attractive an NFT can be. These properties have different scores, that help calculate the final rarity ranking When an NFT is rare, its value increases. You can use different tools to check the rarity of an NFT, like Rarity.tools or Rarity Sniper.
Reaching	Slang for an exaggeration over something to make it sound worse than what it is or to take a point/scenario too far.
Recovery phrase	A 12-word phrase that acts like backup for your crypto private keys. A person can recover all the crypto wallet accounts’ private keys from the recovery phrase. Is not advisable to share the recovery phrase with anyone.
Rekt	Slang for wrecked. When a crypto or NFT project goes wrong or down in value sharply. More broadly, when something goes wrong like a person is price out by the gas surge or an NFT floor price goes down.
Relative Strength Index (RSI)	Financial indicator in technical analysis that measures price change. Indicator to tell if a market is overbought or oversold at a given time. Will also actualize the momentum of a given asset.
Resistance	A function is technical analysis that generally provides a ceiling to a particular asset for investment. A level in which an asset needs to break though generally opposing a sell wall.
Reveal	When you mint an NFT, especially for new generative projects, the artwork won’t be created until the minting is complete. This means that you’re purchasing a ‘blind box’ and won’t know exactly what you get until it’s time to reveal it. Depending on the creators behind the collection, the NFT may reveal immediately after purchase, when the collection sells out, or with a delay of 24 or 48 hours for instance.
Return on Investment (ROI)	The amount that is needed to even out the cost vs profit that is usually measured in time. A good measure of how to gauge how profitable and/or efficient an asset or investment is.
Reward pool	In P2E games, a portion of the tokens is allocated in a ‘reward pool’ for the distribution of tokens to players who earned them through their gaming efforts. Depending on the game mechanics, this reward pool is kept balanced and refilled through various sink features that’ll typically require players to reinvest in the game.
Right Click Save As	An Ironic expression used by people who don’t understand the value or potential unlocked by NFTs. Person who makes fun that she/he can easily get a digital artwork by Right Click Save As and mock the NFT space and its hype.
Ring Signature	A type of digital transaction that can be performed by any member of a set of users that each have the keys. It also lets the sender know someone signed it but not who, which means they can’t spend funds unless another signer provides their approval as well.
Roadmap	A common practice that lays out goals and objectives that a project, company or individual sets before them to achieve within a certain period of time. The set of activities or development plans and strategies outlined by a project. A way to explain to the community or a potential investor, the different stages, value, and the long-term vision of the project. A project with a solid roadmap is generally viewed to have more potential, sustainability and designed to stay for the long haul as compared to one with no foreseeable updates.
Royalties	Money earned by an NFT creator through the token’s resale. Some NFTs automatically pay these commission each time an NFT is traded. An NFT can also be hardcoded to pay an artist royalties forever, which is a desirable use case that has the potential to reshape the music industry.
Rug Pull / Rugged	Rug = scam; Rug or rug pulled it's also referred to when founders, team or developers suddenly leave a crypto project and run away with all the investors’ funds leaving them with nothing. A rugpull is essentially a scam where the team behind a seemingly legit project disappear with all the money raised immediately after launch. While you might get an actual NFT or the tokens you purchased, they’ll most likely be worthless.
[S]
Satoshi	The smallest unit of a Bitcoin. An extremely fine fraction of a bitcoin, 1 Satoshi = 0.00000001 BTC. Named after Satoshi Nakamoto – the pseudonym of the person or persons who developed bitcoin.
Satoshi Nakamoto	The mysterious and anonymous creator of the first cryptocurrency, Bitcoin. No one knows the true name of this person.
Scammer	Someone actively trying to steal other people’s crypto or NFTs.
Secondary market	Also called the aftermarket, a secondary NFT marketpleace is the financial market where investors trade their assets with other investors rather than from issuing companies themselves. For NFTs, they can be sold or purchased on the secondary market after minting. Examples of popular secondary markets are OpenSea and TofuNFT. The price of an NFT or NFT collection is determined by those who list them.
Secondary Sales	Secondary sales happen when NFTs are bought and sold after the initial sale, similar to how fine art or trading cards might pass through multiple owners’ hands over time. Because all NFT transactions are written on a public, immutable blockchain, you can see an NFT’s entire sale history, all the way back to the primary sale.
Securities and Exchange Commission (SEC)	National governmental agency that is responsible for regulating corporate entities, securities, investments, and marketplaces in the U.S. Charged with protecting the public's interest in investing.
Security Audit	An analysis done by a company to prove the security and value of a project. Done by an independent party that examines and scrutinizes the infrastructure and establishes that the project complies with security policy and procedures. Usually gives recommendations for changes and countermeasures to give the project a higher level of security.
Seed hash	A 32-byte random value that allows you to regenerate public and private keys.
Seed Phrase	Another name for recovery phrase is the 12-word phrase that allows you to recover all the crypto wallet accounts’ private keys and regain control of the wallet. Is not advisable to share the seed phrase with anyone.
Seems legit	When an NFT project or a person in the NFT community looks promising and the real deal, meaning seems legitimate.
Seems rare	An ironic expression or dismissive comment used by the NFT community. For example, it can be used sarcastically when someone asks for feedback on an NFT they own or created.
Sell Wall	One huge or multiple large sells on a market book for the same price. Tends to suppress assets and forces them to be traded within a specific range. This can be a bearish market indicator.
Ser	Slang for sir and a polite way of addressing others in an NFT community.
Sharding	Sharding in the context of NFTs refers to the practice of splitting NFTs into smaller subsets, generally for the purpose of allowing groups of individuals to purchase an expensive NFT so that it can be owned collectively.
Shill / Shilling	When someone promotes or get exposure to an NFT project and encourages others to invest in a specific NFT as a marketing strategy.
Shill Thread	It’s a common Twitter strategy to gain traction by encouraging NFT creators to share a link to their NFT project in the hopes of getting bought or noticed by the NFT community and potential buyers.
Sh*tposter	A person who mostly posts meme content on Twitter for fun.
Simp/Simping	A NFT holder or creator who comes off as trying to hard impress an NFT whale or investor.
SLP	Acronym for Smooth Love Potion. It’s a token players can earn as a reward in the NFT game Axie Infinity.
Smart Contract	A self-executing software program or application stored on a blockchain that is a contract where the terms of the agreement between buyer and seller are directly written into the code that is fulfilled when predetermined conditions are met, and without intermediaries, external third-party involvement, or human intervention. They’re enforced on the blockchain network, irreversible, and not subject to change. Ethereum is a blockchain that can execute smart contracts, on the contrary to Bitcoin which does not have that capability.
Snag	It means to buy an NFT quickly and for a very low price. Can also be known as sniping.
Snapshot	A snapshot captures and records the information (typically fees and transactions) in the blockchain ledger at a specific time and date. Usually used by NFT creators and P2E games to determine who are eligible for airdrops and early access at a certain point in time. Example: all owners who hold NFT X in their wallet at the time of the snapshot on 1 January 2023, get a free airdrop of NFT Y next week.
Sock Puppet	Scam account used to lure noob investors into fake investment services.
Solidity	An object-oriented, high-level programming language for implementing smart contracts.
Sotheby’s	Very famous auction house that has recently auctioned Beeple’s NFTs or Bored Ape Yacht Club and CryptoPunks’ NFT collections.
Stablecoin	A type of cryptocurrency that keeps value regardless of market fluctuation. See pegged currency. 1 USDT = 1 U
Stake / Staking	The process of locking up tokens in a wallet for a certain amount of time to participate in transaction validation (for PoS blockchains). Stakers get rewarded every few seconds or after processing a certain number of blocks. In the NFT space, there are popping up a lot of projects or services that allow NFT holders to earn interest for holding a certain NFT.
Staking Pool	A pool or merge of resources that is used to validate blocks and receive rewards for holding or locking up assets for a period of time. The more that is staked the larger the rewards.
Store of Value	An asset, commodity, or security that manages to keep and maintain its value. There is no depreciation of value.
Szn	Stands for season referring to crypto or NFT market cycles.
Sweeping (floor)	When NFT collector or investor sweeps the floor, they'll buy all the NFTs in a collection at the floor price on the secondary NFT market to raise the floor prices.
[T]
Ticker	The trading 'symbol' or shortened name (typically in capital letters) that refers to a coin on a trading platform. For example: BTC, ETH, etc.
TINA	Acronym for There Is No Alternative.
TINA RIF	Acronym for There Is No Alternative Resistance Is Futile.
This is the way	A commendation for positive behaviour by someone in the NFT Community.
Token	A stand in for another asset. A record on the blockchain that will allow you to make transactions, like receiving an amount of cryptocurrency for a specific asset e.g., selling your NFTs. Generally, used for investments to store value or to make purchases. Not to be confused with a “coin”.
Tokenomics	A word coined by combining “token” and “economics”. Tokenomics include statistics, quality and data of a token that may interest investors. It refers to the economics of cryptocurrencies, DeFi or NFT projects.
Token Lockup	Refers to a hold on an asset or currency for a determined amount of time where it cannot be transferred.
Total Supply	The number of tokens that are available to be spent, whether in a liquid state or locked.
Transaction ID (TXID)	A string of characters or numerals that defines a transaction. Used in all areas of finance and banking. In crypto it is the ID used to access information on a transaction.
Transactions Per Second (TPS)	The number of transactions that a blockchain network is capable of processing each second.
Trustless	The core concept of blockchain, cryptocurrency and smart contracts. This means that there is no need for a third party, and transactions can be done without an intermediary or third-party.
[U]
Unit of Account	Standard measurement of value of services, goods, and assets.
User Interface (UI)	The way in which a user and software, website or hardware interact. The objective is to be effective and demand the least amount of effort for the user to make the most out of a specific outcome.
Utility	‍NFTs now can have some utility or application. It's not only about holding the asset but the possibility of using it too. Like gamified NFTs for fantasy sports, access NFTs for exclusive content or experiences, or engagement NFTs for fan communities.
Utility-focused NFTs	NFTs with real-world use cases. For example, owning a Bored Ape NFT grants exclusive members-only benefits such as access to a collaborative graffiti board.
Utility token	A fungible token that serves some use case within a specific ecosystem. These tokens are required to utilize some functionality of a smart contract system or perform some action on a certain network.
[V]
Valhalla	Ironic use of the Viking “heaven”. Meaning someone’s NFT collection is either going to be a profitable and blue-chip project, therefore they can ascend to Valhalla or is going to tank.
Vault	A smart contract that escrows collateral and keeps track of the value of the collateral.
Verified contract	A publicly available contract that allows users to read, study and audit the code. Verified contracts are prevalent on transactions where parties require a higher level of trust, preferably verifiable by another third-party.
Vibe	Term used to express a positive emotional state.
Virtual Machine	Uses software rather than hardware, usually from a cloud computing platform, to provide accessibility to a user from anywhere in the world. i.e., running multiple operating systems on a single computer.
Volatile / Volatility	Term used to describe rapid market fluctuations and crypto or NFT prices go up and down quickly in a short period. It is a measure of how much the value of an asset has moved up or down over time. It gauges the movement in positive or negative means.
Volume	The amount of currency, token, or coins that is traded in a specific amount of time, usually 24 hours. Generally, the higher the volume, the more liquidity is provided.
[W]
Wallet	A digital wallet that allows users to store and manage their crypto assets. Typically, an app that enables users to send and receive transactions without a third party or intermediary. There are hot or cold wallet, but both are a place where someone can store their cryptocurrency and tokens. Hot wallets are always connected to the Internet like MetaMask, Trust wallet or Phantom. On the contrary cold wallets are physical, hardware wallets to store crypto or NFTs offline like Nano Ledger.
Weak Hands	Synonymous with Paper Hands. Someone who immediately sells their crypto or NFT because of a bear market, FUD or any other negative sentiment.
Web 1.0	Refers to the beginning of the Web. A period from around 1990 to 2005, also known as the read-only web.
Web 2.0	Refers to the evolution of Web 1.0. From 2005 to the present moment, where social media platforms like Facebook, Instagram, TikTok, Google, Twitter, etc reshaped the web, therefore becoming the read-write web.
Web 3.0 / Web3	A term coined by Ethereum co-founder Gavin Wood and it’s an idea of what the future of the web could look like. Most peoples’ data, info or content would no longer be centralized in Web 2.0 giants - the Big Tech - but decentralized, mostly thanks to blockchain technology. Web 3.0 could be known as read-write-trust web.
Wen moon	‍When will the price or value increase? That's "wen moon." It's a reference to value skyrocketing. Popular expression from crypto Twitter. Refers to the still distant future when a token will moon.
Whale	Someone with a lot of capital (significant amount of NFTs, Bitcoin, Ethereum), which grants them the power to singlehandedly move markets either upward by buying a lot from a given collection, or downward by selling, and when they make a move, we all see it. At times, in some markets, they can manipulate the price action.
Whitelist (WL) / NFT Whitelist	A list of users that can be trusted or accepted to do transactions in an ecosystem. These users are usually predefined and accepted by an administrator or moderator. A whitelist is the process of having a crypto wallet address pre-approved for an NFT pre-sale. It works like an early access list that guarantees that a specific number of crypto wallets can mint one (or more) NFT of an upcoming project.
Whitepaper	An officially released document by a crypto project team that offers investors with detailed technical information behind the concept, vision, roadmap and plans to grow a certain project.
[Y]
Yodo	Acronym for You Only Die Once. The opposite of Yolo.
Yolo	Acronym for You Only Live Once. A person can use this when they just realized they bought a shitcoin or crap NFT and they’re getting rekt.
Yuga Labs	The parent company of blue chip NFT projects like BAYC, MAYC, BAKC, Meebits and CryptoPunks.